September Market Report:Easing Towards Winter

By
Real Estate Agent with John L Scott Boise Real Estate

From Intermountain MLS of Boise, Idaho. 

October 14, 2014 by

Market Snapshot_SeptemberSingle family home sales in September 2014 were 651 in Ada County, a decrease of 6% compared to September 2013.   YTD total sales are down 5% compared to this time last year; 5,920 homes sold compared to 6,203.

In September, sales of homes priced above $200,000 showed increases in nearly every price category. Overall sales are continue to lag because sales of homes in the five categories priced below $159,999 are down anywhere from 1% ($160,000 to $199,999) to 200% (70,000 to $89,999). The biggest trend “reversal” was in the $120,000 – $159,000 range. This category had been increasing steadily until September when it fell 15%.

Average Days on Market in September were 54; one more day than last month. In September 2013, Days on Market was 45.

New homes sold in September totaled 120; down 10% from last year; up 4% from August.

Existing home sales were 531; down 6% from September 2013.

Historically September sales decrease from August levels by an average of 10%.   Last year the increase was 16%. This year there was a decrease of 12%.

Pending sales at the end of September were 930; down just 3% from September 2013. This is the smallest “decrease” in Pending sales all year (April was down 18%). This bodes well for a 4th quarter sales “rebound”.

September median home price was $205,551; up 4% from September 2013. Our YTD median price is $209,900; up 8% over last year.

New Homes median price for September was $283,5530; up 7% from September 2013. For Existing homes the increase is 3% to $191,000.

The number of houses available for sale at the end of September decreased 4% from August 2014 to 2,857. This is 11% more than last year at this time.

As is typical this time of year, inventory contracted in all price categories for September; with the exception of homes priced between $400,000 and $500,000 which grew modestly.

In Ada County we now have 3.9 months of inventory on hand, essentially unchanged from the end of July.

The price categories in shortest supply are $100,000 to $119,000 which has 1.7 months; and $120,000 – $159,000 which has 2.3 months.

From $200,000 to $400,000 we have 4 months available.

Of sales in September, the two price points that held on to their summer pace were $120,000 – $160,000 and $160,000 to $200,000.

So…what’s next?

Our late Sumer sales tried hard, but couldn’t make up for the surge in July and August 2013. We have narrowed the gap, but not surpassed 2013…yet. There was a slow down during the last three months of 2013. Our expectation continues to be a strong fourth quarter.

We have more inventory coming online in the

As crazy as it might sound…now’s the time to be looking forward to Spring 2105. Do you have your marketing plans in place?

This is the time of year when NAR begins publishing reports about consumers (“Buyer Seller Profile”) and members (“Member Profile”).

The October “MVP Program” reward is a copy of Social Media for REALTORS®: Digital Marketing – Download.  

To get your free copy, between October 16 and 31st register for complimentary webinar: “Introduction to RPR Mobile”.

With the days getting shorter, taking time out for professional development becomes easier then during the hectic summer months.

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